Allowed

Icici Bank Ltd. v. Sri Meghavath Pandu Naik

DRT10 Aug 2026OA/218/2026

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by ICICI Bank for recovery of a debt sum. The defendants defaulted, and the court held them jointly and severally liable to pay the principal amount, future interest, costs, and secured enjoyment of proceeds from the mortgaged property.

What did the court decide?

The defendants are liable to pay Rs. 87,81,780/ with future interest. The OA schedule mortgaged property is secured. Recovery certificate to be issued.

Icici Bank Ltd. versus Sri Meghavath Pandu Naik — Banking and Recovery | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

¶2

DATED TH]S THE 1OTH DAY OF AUGUST, 2026

¶3

PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A.

¶4

PRESIDING OFFICER

¶5

ORIGINAL APPLICATION No: 218 OF 2026

¶6

ICICI Ba nk Ltd.,

¶7

Having its Regional Office at ICICI Bank Towers Plot No. 12, Serilingampally, Ranga Reddy 500032, Telangana.

¶8

Rep. by its Authorized Signatory.

¶9

. ....Applica nt.

¶10

Versus

¶11

Sri Meghavath Pandu Naik, S/o. Lachya Naik Meghavath, Aged about 64 Years Occ: Business, Resident of H.No.5-92 Dhan Singh Thanda, Rangapur Village Kothur Mandal, Ranga Reddy District-509228.

¶12

Smt. Meghavath Lakshmi, Wo. Meghavath Narender Naik, Aged about 30 Years Occ: Business, Resident of H.No.5-92 Dhan Singh Thanda, Rangapur Village Kothur Mandal, Ranga Reddy District- 509228. Sri Meghavath Narender Naik, S/o. lYeghavath Narender Naik, Aged about 30 Years Occ: Business, Resident of H.No.5-92 Dhan Singh Thanda, Rangapur Village Kothur Mandal, Ranga Reddy District-509228.

¶13

Sri Meghavath Nagesh Naik, S/o. Meghavath Pandu Naik, Aged about 25 Years Occ: Business, Resident of H.No.5-92 Dhan Singh Thanda, Rangapur Village Kothur Mandal, Ranga Reddy District-sog228. ...Defendants

¶14

Counsel for the Applicant : Mr. Rajendera Prasad Defenda nts :rx-oafte /fu.t*$

¶15

oA.NO.218/2025

¶16

:: ORDER ::

¶17

The Applicant Bank Rled the present OA for the recovery a total sum of Rs.87,81,78O1- as on 09.12.2025 from the defendants jointly and severally with future interest @24olo p.a. with monthly rests from the date of application till the date of realization along with costs and in default for sale of OA schedule property.

¶18

Summons served on D1 to 4. They were set ex-parte on 05.05.2026 as called absent and no representation.

¶19

The Applicant Bank examined Kalva Rajayaswanth, Area Relationship Manager, as AW-1 and marked 11 documents through him as Ex. A. 1 to Ex. A.11.

¶20

Heard the Ld. Counsel for the Applicant Bank. Perused the material placed on record.

¶21

The point that arises for consideration is:-

¶22

Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule property?

¶23

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.11 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to^pay the OA claim to the Applicant Bank with future interest and costs. ffi1r'"0

¶24

oA.NO.218/2026

¶25

In the result, the present Original Application No.21812026 is allowed as under: -

¶26

i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.87,81,780/- with future interest @10o/o p,a. simple from the date of application till the date of realization;

¶27

ii) the OA claim is secured by way of mortgage of property described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debU

¶28

iii ) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

¶29

iv) the applicant bank is entitled for the costs.

¶30

The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶31

Issue Recovery Certificate accordingly.

¶32

Communicate a copy of this order to the^parties concerned. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the loth Day of August, 2026). llw*x

¶33

(nhr(esnweR KorHE) PRESIDING OFFICER

Icici Bank Ltd. v. Sri Meghavath Pandu Naik

Case brief

What is this about?

What did the court decide?

Icici Bank Ltd. v. Sri Meghavath Pandu Naik

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Union Bank of India versus M/s. Sri Lakshmi Kalyan Venkateswara Chips unit

Bank of Baroda versus Sreenu

Ms Laxmi Balaji Marketing versus Icici Bank Limited

Venkata Ramana Reddy versus Repco Home Finance Limited

Syed Taj Peer versus Idbi Bank

Mr Chinthareddy Yeshwanth Reddy versus Bank of India